Review of Cryptocurrency Regulatory Policies in Mainland China
Since September 2021, the People's Bank of China and nine other ministries and commissions jointly issued a notice explicitly prohibiting all virtual currency-related business activities, including virtual currency trading, exchange, issuance financing, and mining. This policy has led to the absence of legal virtual currency trading platforms within mainland China. Overseas virtual currency exchanges providing services to residents in China via the internet are also deemed illegal financial activities, with relevant authorities continuously strengthening monitoring and crackdown efforts.
It is worth noting that Chinese law stipulates that personal ownership of Bitcoin itself is not illegal, but any activities involving trading through domestic platforms or participating in related financial activities are prohibited. Therefore, the former "top three Bitcoin exchanges in China" no longer exist under the legal framework of mainland China.
Development of Virtual Asset Regulation in Hong Kong SAR
Unlike the comprehensive ban in mainland China, the Hong Kong Special Administrative Region has adopted a different approach to virtual asset regulation. Since June 1, 2023, Hong Kong has implemented a Virtual Asset Service Provider (VASP) licensing regime. Under this regime, licensed virtual asset trading platforms, such as OSL and HashKey Exchange, can provide virtual asset trading services to retail investors, marking Hong Kong's exploration of virtual asset development within a compliant framework.
Overview of Major Overseas Cryptocurrency Trading Platforms
Despite strict prohibitions in mainland China, some overseas cryptocurrency trading platforms offer services globally, with some having been widely mentioned by Chinese users. It is crucial to emphasize that using these platforms in mainland China carries significant legal and financial risks, and readers must comply with local laws and regulations.
- Binance: As one of the world's largest cryptocurrency exchanges, Binance offers diversified digital currency trading services, boasting a vast global user base and trading volume.
- OKX: OKX is a globally renowned digital currency trading platform with strong influence in the Asian market, offering spot, futures, and DeFi services for various digital assets like Bitcoin and Ethereum.
- Bitget: In recent years, Bitget has excelled in the derivatives trading sector, gaining popularity among some users for its "one-click copy trading" feature, low entry barriers, and high liquidity. As of October 9, 2026, the platform covers over 120 countries and regions worldwide.
When choosing any trading platform, readers should fully understand its compliance status, operational location, and the laws and regulations of their own jurisdiction. Real-time market data and the latest news for relevant platforms can be viewed on professional market information platforms like Svmuu.
Risk Warning
The cryptocurrency market is highly volatile, and investment carries significant risks. Residents of mainland China participating in overseas virtual currency trading activities face not only market risks but also potential violations of local laws and regulations, which could lead to financial losses or legal liabilities. Please carefully assess the risks and comply with local laws.
Information on platforms mentioned in the article is subject to change based on each exchange's listing and delisting dynamics. Please refer to official exchange announcements.
